PotashCorp reports earnings drop, raises full year guidance

9:46 AM MDT | April 24, 2014 | Lindsay Frost

PotashCorp today reported net income of $340 million for its first quarter, down 38% year-over-year (YOY), with earnings per share of 40 cts/share, rising above analyst estimates of 36 cts/share, according to Thomson Reuters (New York). Earnings include a $69-million special dividend from the company’s investment in Israel Chemicals Ltd. (ICL) and a $38-million charge from its investment in Sinofert Holdings, the company says. Sales of $1.7 billion dropped 19% YOY. "After an especially challenging environment in the second half of 2013, greater demand...